MIRA INFORM REPORT

 

 

Report Date :

09.10.2012

 

IDENTIFICATION DETAILS

 

Name :

SENSING TECHNOLOGIES PRIVATE LIMITED

 

 

Registered Office :

Plot No. 18-C, Kandivali Industrial Estate, Hindustan Naka, Charkop, Kandivali (West), Mumbai-400067, Maharashtra 

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

23.03.2007

 

 

Com. Reg. No.:

11-169072

 

 

Capital Investment / Paid-up Capital :

Rs.9.010 Millions

 

 

CIN No.:

[Company Identification No.]

U29308MH2007PTC169072

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS56160G

 

 

PAN No.:

[Permanent Account No.]

AAKCS7729K

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Automobile Parts.

 

 

No. of Employees :

Information denied by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (30)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 85000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. The management of the company has not filed its financial after the year 2010. However, trade relations are reported as fair. Business is active. Payments are unknown.

 

The company can be considered for business dealings with some cautions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

 

INFORMATION DECLINED BY

 

Name :

Ms. Vanita

Designation :

Accounts Executive

Contact No.:

91-22-28604777

Date :

08.10.2012

 

 

LOCATIONS

 

Registered Office / Factory :

Plot No. 18-C, Kandivali Industrial Estate, Hindustan Naka, Charkop, Kandivali (West), Mumbai-400067, Maharashtra, India  

Tel. No.:

91-22-28604777

Fax No.:

91-22-29670077

E-Mail :

mktg@jptools.com

sales@aquariusappliances.com

 

 

DIRECTORS

 

AS ON 30.09.2010

 

Name :

Mr. Jaiprakash Hardas Bhambhani

Designation :

Managing Director

Address :

I, Golden Rock, Perry Cross Road, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

21.12.1960

Date of Appointment :

23.03.2007

Din No.:

00133491

 

 

Name :

Mrs. Poonam Jaiprakash Bhambhani

Designation :

Director

Address :

I, Golden Rock, Perry Cross Road, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

02.03.1961

Date of Appointment :

23.03.2007

Din No.:

00779338

 

 

KEY EXECUTIVES

 

Name :

Ms. Vanita

Designation :

Accounts Executive

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2010

 

Names of Shareholders

 

No. of Shares

Jaiprakash Hardas Bhambhani

 

900000

Poonam Jaiprakash Bhambhani

 

1000

 

 

 

TOTAL

 

901000

 

AS ON 30.09.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Automobile Parts.

 

 

PRODUCTION STATUS [AS ON 31.03.2010]

 

PARTICULARS

 

ACTUAL PRODUCTION

Thermostat Switch [In Qty.]

295924

Clocks [In Qty.]

174463

 

 

GENERAL INFORMATION

 

No. of Employees :

Information denied by the management.

 

 

Bankers :

Axis Bank Limited, Axis House, Ground Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai-400025, Maharashtra, India

 

 

Facilities :

Secured Loan

As on 31.03.2010

[Rs. in Millions]

As on 31.03.2009

[Rs. in Millions]

State Bank of India, Term Loan

[Secured against immovable properties]

14.580

0.000

State Bank of India

[Secured against stocks and debtors]

17.109

0.000

State Bank of India Factors

[Against Debtors]

0.000

9.141

Overdraft with SBI

0.000

0.754

Tata Capital Limited

[Secured against Motor Car]

1.600

0.000

Kotak Mahindra Prime Limited

[Secured against Motor Car]

0.329

0.768

TOTAL

33.618

10.663

 

 

 

Unsecured Loan

As on 31.03.2011

[Rs. in Millions]

As on 31.03.2010

[Rs. in Millions]

Loans From Directors / Shareholders

4.869

8.212

Jasjit Singh

6.506

24.006

Kasture K. Goshar

0.000

1.500

Khanna

0.000

0.095

Surindersingh Bhavnani

0.000

1.500

Associated Capsules Private Limited

14.441

13.691

TOTAL

25.816

49.004

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Manish Patel and Company

Chartered Accountants

Address :

A/6, Everest Building, Tardeo Road, Mumbai-400034, Maharashtra, India

Tel. No.:

91-22-23522713

PAN No:

AADPP9552F

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1000000

Equity Shares

Rs.10/- each

Rs.10.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

901000

Equity Shares

Rs.10/- each

Rs.9.010 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

9.010

9.010

0.100

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

12.442

10.650

0.000

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

21.452

19.660

0.100

LOAN FUNDS

 

 

 

1] Secured Loans

33.618

10.663

0.000

2] Unsecured Loans

25.816

49.004

0.200

TOTAL BORROWING

59.434

59.667

0.200

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

80.886

79.327

0.300

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

50.517

53.219

0.000

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.102

0.907

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

11.400

10.002

0.000

 

Sundry Debtors

17.391

16.549

0.000

 

Cash & Bank Balances

0.223

0.629

0.100

 

Other Current Assets

0.000

0.000

0.000

 

Loans & Advances

14.529

11.238

0.000

Total Current Assets

43.543

38.418

0.100

Less : CURRENT LIABILITIES & PROVISIONS

 

 

 

 

Sundry Creditors

10.630

0.000

 

Other Current Liabilities

12.772

2.404

0.005

 

Provisions

0.668

0.368

0.000

Total Current Liabilities

13.440

13.402

0.005

Net Current Assets

30.103

25.016

0.095

 

 

 

 

MISCELLANEOUS EXPENSES

0.164

0.185

0.205

 

 

 

 

TOTAL

80.886

79.327

0.300

 


PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

80.944

3.126

0.000

 

 

Other Income

0.096

0.000

0.000

 

 

TOTAL                                     (A)

81.040

3.126

0.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Consumption of Raw Material and Goods Tracks

40.581

4.226

0.000

 

 

Employee Costs

6.557

0.047

0.000

 

 

Manufacturing Expenses

8.923

0.484

0.000

 

 

Administration and Selling Expenses

8.910

0.813

0.000

 

 

Directors Remunerations

1.800

0.240

0.000

 

 

Increase/Decrease in Stocks

(0.127)

(2.839)

0.000

 

 

TOTAL                                     (B)

66.644

2.971

0.000

 

 

 

 

 

Less

PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

14.396

0.155

0.000

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

5.377

0.000

0.000

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                (E)

9.019

0.155

0.000

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

6.122

0.045

0.000

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX (E-F)                (G)

2.897

0.110

0.000

 

 

 

 

 

Less

TAX                                                                  (H)

1.105

(0.540)

0.000

 

 

 

 

 

 

PROFIT / (LOSS) AFTER TAX (G-H)                  (I)

1.792

0.650

0.000

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

21.181

1.377

0.000

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

71.69

25.99

0.00

 

 


KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)

2.21

20.79

0.00

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

3.57

3.52

0.00

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

3.07

0.12

0.00

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.14

0.01

0.00

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

3.40

3.72

2.05

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

3.23

2.87

20.00

 

 

LOCAL AGENCY FURTHER INFORMATION

 

DETAILS OF SUNDRY CREDITORS:

 

Particulars

 

31.03.2010

(Rs. in millions)

31.03.2009

(Rs. in millions)

31.03.2008

(Rs. in millions)

Sundry Creditors

NA

10.630

0.000

 

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

No

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last two years

Yes

12]

Profitability for last two years

Yes

13]

Reasons for variation <> 20%

--

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

No

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

--

22]

Litigations that the firm / promoter involved in

--

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

--

26]

Buyer visit details

--

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

No

30]

Major Shareholders, if available

Yes

31]

PAN of Proprietor/Partner/Director, if available

No

32]

Date of Birth of Proprietor/Partner/Director, if available

Yes

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

 

FINANCIAL RESULTS:

 

The company top line has improved to Rs.94.600 Millions as on 31st of March, 2010 as compare to Rs.81.300 Millions in the last financial year. the company made net profit of Rs.1.800 Millions as on 31st March, 2010 against loss of Rs.1.300 Millions as on 31st March, 2009.

 

 

THE ECONOMY:

 

The economy is poised to grow at the rate of 9.5% in the current financial year and expected growth of Auto Industry is 18 to 20% p.a. Company is confident to procure commercial orders for new products like pressure Switch, VFD Clocks, DIS-HE/LE and few more from Tata Motors Limited and Tata Cummins Limited. The plan execution will not only help the company to improve performance in sales rather it will substantially improve the bottom line. Internal economy, negotiation for revision of rates of few products will help the company to improve the bottom line.

 

 

BANKERS CHARGES REPORT AS PER REGISTRY

 

This form is for

Creation of charge

Corporate identity number of the company

U29308MH2007PTC169072

Name of the company

SENSING TECHNOLOGIES PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

Plot No. 18-C, Kandivali Industrial Estate, Hindustan Naka, Charkop, Kandivali (West), Mumbai-400067, Maharashtra, India  

Type of charge

Movable Property [not being pledge]

Others 

Particular of charge holder

Axis Bank Limited, Axis House, Ground Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai-400025, Maharashtra, India

Email

suyashri@vsnl.com

Nature of description of the instrument creating or modifying the charge

Deed of Hypothecation (DoH) of Machinery and Other Movable Fixed Assets dated 05.07.2011.

Date of instrument Creating the charge

05.07.2011

Amount secured by the charge

Rs.8.275 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

As per Sanction letter No. SSME/408/2010-11 dated 11.03.2011 or as stipulated by Bank from time to time.

 

Terms of Repayment

As per Sanction letter No. SSME/408/2010-11 date 11.03.2011 or as stipulated by Bank from time to time.

 

Margin

As per Sanction letter No. SSME/408/2010-11 dated 11.03.2011 or as stipulated by Bank from time to time.

 

Extent and Operation of the charge

Bank granted Term Loan of Rs.8.275 Millions against security by hypothecation of present and future tangible movable plant, machinery, fixtures, fittings and other installations, computers etc., together with spares, tools, accessories and other articles lying on the premises or godowns of the company or elsewhere or in transit.

Short particulars of the property charged

Present and future tangible movable P and M, fixtures, other movables etc.  together with spares, tools lying on premises or godowns of company or elsewhere or in transit.

 

FIXED ASSETS:

 

·         Air Conditioner

·         Camera

·         Dies

·         Factory Equipments

·         Office Equipments

·         Plant and Machinery

·         Telephone

·         Time Chips

·         Security Systems

·         Water Purifier

·         Furniture and Fixtures

·         Factory Building

·         Computer

·         Electric Installations

 

 

 


CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                  None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.52.21

UK Pound

1

Rs.84.00

Euro

1

Rs.67.75

 

 

INFORMATION DETAILS

 

Information Gathered by :

SLP

 

 

Report Prepared by :

TPT


 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

4

--CREDIT LINES

1~10

3

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

30

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 


 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

-

NB

                                       New Business

-

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.